South African Fintech Startup WigWag Unveils AI Bot For Managing Payments on WhatsApp
WigWag, a division of the South African payment service provider Stitch, has introduced an Al-powered bot designed to handle payments through WhatsApp.
Geared towards small and medium-sized businesses, this tool aims to simplify payment management without requiring users to switch between multiple apps and browsers.
Describing the innovation, the General manager of WigWag Danielle Laity stated that the AI bot isn’t a one-size-fits-all. She said startup companies, small businesses, independent contractors, and emerging social sellers are constantly seeking simplified payment methods.
Hence, there is a need for these methods to be void of intricate technical integrations while ensuring excellent service and trustworthy technology. According to Laity, there was a business opportunity in offering these sectors an easy-to-use payment solution built on Stitch’s infrastructure.
Research by World Economics, quoted by the company, reveals that SMEs and informal sellers account for 28.8% of South African businesses, with a substantial number utilizing social media for promotional and sales activities.
Furthermore, forecasts by ResearchAndMarkets.com indicate that the social commerce sector in South Africa is set to grow by 63.7% annually, reaching $1.36 billion by 2023, and is further expected to mark a CAGR of 38.4% from 2022 to 2028.
On the topic of mobile device security, Danielle Laity highlights that WigWag, besides having access to Stitch’s enterprise-grade payments infrastructure, is entirely compliant with the Payment Card Industry Data Security Standard (PCI 1 D$S). This standard is designed to safeguard transactions and cardholders’ personal information.
